steffiesguy

7 Contributions 5 People Helped

Member Since: August 2012

Most Helpful Contribution

Will a bankruptcy come off automatically?

Feb 12, 2019
Helpful to 3 out of 3 people

Formula 1129 is not correct.  I had numerous account that had no balance and were paid in full, including a car loan home loan.  Despite that per federal law, the accounts are marked "included in bankruptcy". While factually correct, the accounts were open at the time of the bankruptcy filing, I argued that it is a misrepresentation to show a derrogatory mark on onl'e credit for accounts that were paid in full and otherwise not an issue with the bankruptcy.  I repeatedly filed disputes with each credit agency and even a complaint with the FTC to no avail.  The credit agencies reports and credit scoring is not perfect....

Activity (7 Total Contributions)

Will a bankruptcy come off automatically?

Feb 12, 2019
Helpful to 3 out of 3 people

Formula 1129 is not correct.  I had numerous account that had no balance and were paid in full, including a car loan home loan.  Despite that per federal law, the accounts are marked "included in bankruptcy". While factually correct, the accounts were open at the time of the bankruptcy filing, I argued that it is a misrepresentation to show a derrogatory mark on onl'e credit for accounts that were paid in full and otherwise not an issue with the bankruptcy.  I repeatedly filed disputes with each credit agency and even a complaint with the FTC to no avail.  The credit agencies reports and credit scoring is not perfect....

will i be able to get an american express card after 9 years of bankruptcy

Apr 16, 2015
AMEX Policy
Helpful to 2 out of 3 people

I had a chapter 7 three years ago.  My credit score is already up to 750-760 range.  I had been an AMEX customer for 15+ years prior to the bankruptcy.  They told me even though my 30 years or prior credit history was excellent (minus the bankruptcy) and the history since then in spotless, and I have a $300,000k annual income, that as long as the bankruptcy showed on my credit report, I could not get an AMEX card.   Go figure- their loss....

Creditor Reporting of Credit Balances

Feb 12, 2019

I have multipe credit monitoring services and accounts (thanks to numerous commercial hacks and breaches).  I am getting emails weekly over the past 6-8 weeks that my credit balance has increased decreased depending upon when it was looked at.  This is betweeen the report date for the give credit card.... I thought perhaps guidelines, FCRA or agency procedures have changed since the first of the year, but have read nothing to that effect....

Will a bankruptcy come off automatically?

Feb 12, 2019
Derrogatory entires off at 7 years

While a Chapter 7 will remain on your credit for 10 years, the derrogaroty entries from each individual creditor in which was "included in bankruptcy" is required to be removed at the 7 year point.  I just sent certifeid/return receipt to all 3 bureaus asking if I needed to request the removal or if it was automatic.  I just received confirmation from Trans Union that all of the derrogatory entries were scheduled to be removed next month, the 84th month since the Chapter 7 filing.  I am hoping to receive the same affirmation from the other two agencies.

Is identity theft insuarnce necassary?

Sep 22, 2014
Credit monitoring is key

I've used CK for a couple of years now.  I believe monitoring is more important than insurance.  Monitoring is preventative.  Insurance is only going to pay for after the fact damage.  I had my identity compromised this past summer.  Within 24 hours I had notification from CK of an inquiry, and then a second one.  I notified the creditors and credit bureaus and immediately put Fraud Alerts on all 3 of my bureau files.  A few phone calls and it was nipped in the bud before any real damage could be done.  I also filed FTC report, police report, IC3 report, and notified the IRS.  Insurance will pay for actual $$ losses, but nothing for months of your time fixing everything if it gets out of hand before you find out.

I have a question, I went through a bankrupcity in 2011 but I was able to save my home

Apr 04, 2014
Credit reporting after bankruptcy

The biggest fault with the way the credit bureaus treat bankruptcy is the virtual blindness to all previous credit history.  I had spotless 30 years of credit history and had to file a personal Chapter 7 due to a judgment on a business.  My personal credit was otherwise spotless.  Now for instance, on the CK site I get a "D" for age of credit history.

Your home, car etc will continue to function as it did before, but due to federal bankruptcy guidelines those lenders can no longer report it.  This is true even if you maintained the loan, never were delinquent in any way before, during and after the bankruptcy.  They are no longer allowed to report it because it was "included in the bankruptcy".  

I filed bakruptcy in 2009. How do I improve my score?

Apr 04, 2014
Check credit reports
Helpful to 0 out of 2 people

By all means check all three of your credit reports in detail.  It is the exception that there are no errors especially after bankruptcy.  I did so in 2012, and immediately checked all 3 in detail.  I found numerous errors that I had to work some time to get corrected.  Also, if you had special circumstances to your bankruptcy like I did, you can add a "consumer statement" to each of your 3 credit reports and offer an explanation.  Within 90 days following discharge, I was able to get a new $50,000 car loan at only a couple of points above going rate by seeking out a local lender who was willing to look at my entire credit history rather than just a score snapshot.  9 months later when I needed to trade that vehicle in due to defects in the vehicle, the lender financed the $50,000 relacement vehicle at market rate.  Work it, work it work it!!!